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| john.mh |
Posted - 12 April 2010 : 18:32:06
have 4 small pensions sequstrated 1995 auto discharge 1998 cooperated fully.trustee showed interest and notified pension companies in 2002 7 years after sequstration and 4 years after discharge.never told me.could i challenge this.thanks |
| 2 L A T E S T R E P L I E S (Newest First) |
| Bridgewood |
Posted - 13 April 2010 : 10:21:49
Hi John
As Richard P has said - pensions are a technical area, and I would normally suggest you should seek advice based on your specific circumstances.
The rules regarding pensions and bankruptcy changed in, I think 2000 (could have been 2001 but either way it was after your bankruptcy in 1995)
How the pensions were dealt with at the time would depend on, amongst other things, how old you were, how much was in the pension pots at the time, and whether they were company or personal schemes, as the rules differed.
In general, at that time, all your pension benefits accrued up to the date of your bankruptcy were part of your estate, and could be claimed by the trustee or OR either at the time, or once you became old enough to claim the pension (irrespective of whether or not you wanted to)
As far as company schemes are concerned, they often had a forfeiture clause which prevented the OR or Trustee being able to take the lump sum benefit and gave the trustee of the scheme the discretion to pay it to your spouse - it also depended on whether or not the scheme was "contracted out"
I'm not sure if you continued to pay into any of the pensions, but the OR isn't entitled to any increase in value from your contributiosn post bankruptcy
You should have received a letter from the OR at the time setting out whether or not they were claiming them as an asset (even though they couldn't be cashed in till you reached a certain age (usually from 50 upwards depending on the policy although I think the earliest age now is 55)
If there are lump sums available, and you have now reached an age where you could access the lump sum, it is quite possible that the OR could claim the lump sums (and the annuity as well in some circumstances) - although depending on the amounts (and your circumstances) you may be able to "buy" them off the OR
All schemes are different and that is why it is better you get specific advice from someone based on your individual circumstances and the types of pensions
Good Luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
| Richard P |
Posted - 12 April 2010 : 20:26:53
HI John
sorry this is a specialist reply you may be better emailing one of the experts direct.
my thoughts sounds unfair and should be open to a challenge but this is not based on any factual or preset knowledge
regards Richard |
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